Hi All,
My name is Puneet Tandon and i am the CEO of a startup www.auctiontheproperty.com
The real estate market in India is governed by a nexus of middle-men, agents, brokers who hijack the rates of a property at whim, providing no transparency whatsoever to the end consumers.Hence AuctiontheProperty.com was born. We intend to change the Indian real estate market landscape by offering an transparent online auction property process.
We utilize online bidding technology to make real estate transactions transparent, less cumbersome and more cost effective for all the concerned parties.
AuctiontheProperty.com has applied its expertise in selling and renting real estate by auction.Our state-of-the-art website and auction platform assures that every property listed on our website receives the maximum amount of exposure to the relevant market.
AuctiontheProperty.com provides a channel for landlords, sellers and real estate agents to showcase their properties and bridges the gap between the buyer,seller,renter of a property. Our web-portal therefore, attracts both sellers and buyers alike.
We make real estate sales happen. Happy Bidding !!
How to Bid Guide –> Steps:
In order to bid please click on “Bid Now” icon placed on the Image of the property you want to bid on. Once you click on “Bid Now” icon icon it would take you to the Property Description page where you can start your bidding process.
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AuctiontheProperty.com is looking to expand wings to majorTier-1 cities in India.
If you have a passion for real estate, technology and would like to be a part of a unique way for real estate transactions, we would be more than happy to hear from you.
Looking forward to hearing from you.
Thank You – Please Write to Us
Puneet Tandon
+91-9792542134
puneet@auctiontheproperty.com
Omkar Nisal
Nice initiative Puneet!
Well you know, the mobile + tablet internet users are already more than the desktop and laptop users, even in India. So please get your tech people to use a responsive framework like bootstrap to redo the site.
You need more and more data in the site… So do Allow people to select location and enter their property details. I couldn’t find this option in first glance.
What about the properties auctioned by banks and lending organisations? You can populate your database of multiple locations quickly if you chose to include them.
Puneet Tandon
Hey Omkar,
First of all my apologies for replying so late. Some family emergency forced me to be in offline mode.
Coming back to your suggestions, thanks for some valid tips.
Regarding allowing a user to list his property details, I understand the concern but please note a real differentiator for my website is that we only put Valid, Verified properties up for bidding on our platform. When I say verified, we even look at the official possession letters and registry docs.
The idea is not to be another quikr, olx kinda website where one can just list woteva without checks, verification in place.
As per bank auctions, again we just don’t list properties, the idea is for people to bid. I have tried to contact banks (in my city) at least and these guys again have issues in sharing property docs for verification etc.
I am in the process of launching this in big tier-1 cities, primarily Bangalore in the next few months.
Coming back to some challenges which I face in the auction of properties in India is the number of times an Indian buyer visits the property before the deal is closed.
In US this is a much simpler as you just arrange an open house , max 2 weekends a month and you are good. Here the frequent requests to visit the property with family, extended family even neighbours in some instances can be really frustrating.
Please keep the suggestions coming and I hope I was able to explain how we are different from traditional listing property websites.
Also at this stage, I am looking for Co-Founders, Senior Management folks who share the vision to take this forward.please do spread the word and I appreciate your response.
Thanks
Puneet
Alok Rodinhood Kejriwal
How is this different from any other real estate portal?
ps – ‘middlemen’ are WHO drive Naukri’s revenues (recruiters) and also also those at Linkedin!
Puneet Tandon
Hey Alok,
Thanks for the reply. In simple terms my website basically lets the dynamics of market determine the true cost of a property (similar to selling items in ebay, this is basically selling property using bidding approach). Please refer to http://www.auction.com , which is the big daddy of US real estate auctions.
Once you have a market determining the true price you are no longer at the mercy of real estate agents,brokers in India, who provide no transparency whatsoever about the price. I learnt this the hard-way when i moved back from US and was in the market to sell one of my properties. Hence the idea evolved.
Also another differentiator is that all properties listed on our website are Verified (when i say verified, i mean all legal docs w.r.t the property being auctioned have been verified by our attorneys etc.).
Please note middlemen referred to is strictly refering to Real Estate Agents and brokers nexus in India (and does not refer in any way to the Sales team).
Hope that clarifies. Pls keep the responses coming as i am trying to evolve the idea further(though still early days in an industry where real estate agents/brokers rule the roost).
Cheers,
Puneet